MAF, ADIH in Qatar Entertainment City JV
Dubai, November 23, 2008
Majid Al Futtaim Group has entered into a joint venture agreement with Abu Dhabi Investment House (ADIH), a boutique investment firm, to develop the heart of Entertainment City, the ‘Downtown Precinct’, in the Lusail district of Doha.
The project represents the first joint venture between MAF Group and Abu Dhabi Investment House. The duo had in March signed a memorandum of understanding in this regard.
The project is MAF Property’s first development in Qatar and its second major development outside of the UAE.
The project will serve both the emerging Lusail area and the wider community and will include a 150,000 sq m retail leisure and entertainment mall including a Carrefour hypermarket, a five star boutique department store, a five star hotel comprising 210 rooms, a four star hotel comprising 250 rooms, two office buildings totaling 28,000 sq m of office space.
The project will also have a 167,000 sq m of residential living with approximately 1,100 apartments and 7,000 convenient and accessible parking spaces.
Paul Byrne from MAF Properties explained, 'Continuing our drive to deliver world class retail, leisure and entertainment facilities to the communities across the region, the Downtown Precinct will offer more than just a world class shopping experience to the people of Qatar.'
'It will also bring a new way of life for many residents, providing amenities equal to the best in the region, and further boosting Qatar as a tourist destination,' he noted.
Fawaz Ali Al Jowder, deputy CEO of ADIH said the joint venture with Majid Al Futtaim is the first step in a strategic relationship to deliver quality investment opportunities throughout the region.
'Taking best advantage in our partners excellence in developing and delivering quality shopping malls, their critical tenant mix, and unique entertainment venues complements ADIH's Entertainment City brand and the ideal locations forged by our team,' he added.
Yousef Darwish, general manager of Qatar Entertainment City noted, 'For a country with one of the highest GDPs in the world, the Qatar market is vastly underserved with large-scale, world-class retail developments such as the Downtown Precinct.'
'We are delighted that the first phase of our first Entertainment City concept is now truly underway and our vision of creating a magnet entertainment destination is coming to life,' he remarked.
“The Downtown Precinct is a continuation of MAF Group’s commitment to Qatar, and a great example of our group strategy in action,” said Murray Bell from MAF.
“We’ve chosen Qatar as the location of our second sizeable development outside of the UAE after Bahrain because of our confidence in Qatar, excellent synergies with our business model, and the long term sustainability of the project,” he added.-TradeArabia News Service